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NEW DELHI: Metal and energy counters on MCX traded mixed on Monday. At the same time, all agri commodities were trading with cuts as the US and Japan prepared stimulus packages.
Gold was up 0.35 per cent while silver dipped 0.09 per cent. Barring nickel that rose 0.33 per cent, all base metal counters were trading with gains. Crude oil fell 2.01 per cent while its peer natural gas rose 1.45 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.76 per cent or 8.75 points at 1,137 led by cuts in cotton seed oilcake and soy bean.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with a bullish bias where gold may test Rs 50,300 and take support near Rs 49,700 while silver may trade with higher volatility where it may test Rs 65,900 and take support near Rs 64,800.
Base metals: Base metals may trade with a positive bias where copper can move towards Rs 598 and take support near Rs 593. Zinc may move towards Rs 220 and take support near Rs 217. Lead can move towards Rs 163 while taking support near Rs 159. Nickel may trade sideways with a bullish bias where it may take support near Rs 1,215 and resistance near Rs 1,236. Aluminum may move to Rs 167 while taking support near Rs 164.
Energy: Crude oil may trade sideways with a bullish bias where support is seen near Rs 3,360 and resistance is seen near Rs 3,450. Natural gas may trade with higher volatility where resistance is seen near Rs 184 and support near Rs 175.
Spices: Turmeric futures (Dec) is expected to consolidate in a narrow range of Rs 5,480-5,560. Jeera futures (Dec) is likely to witness an upside momentum towards Rs 13,820 taking support near Rs 13,675. Dhaniya futures is trading near its 4-month low of Rs 6,094 per quintal and going ahead this bearish trend shall continue as it can go further down towards Rs 5,850-5,750 .
Oilseeds: Soybean futures (Dec) may continue to fall towards Rs 4,200. RM Seed futures (Dec) facing resistance near Rs 5,860 may continue to witness further correction towards Rs 5,500-5,400. Soy oil (Dec) may continue to face resistance near Rs 1,072 and upside may remain capped owing to weakness in soybean prices. While, CPO futures (Dec) may trade with a positive bias in the range of Rs 890-900.
Other commodities: Cotton futures (Dec) may trade with a bearish bias in the range of Rs 19,680-19,950. Chana futures (Dec) is expected to fall further towards Rs 4,500-4,450. Guar seed futures (Dec) may consolidate in the range of Rs 3,820-3,880, while guar gum (Dec) will probably trade sideways in the range of Rs 5,700-5,800.